BitDAO Raises $230 Million in a Funding Round Led by PayPal Co-Founder, Peter Thiel

BitDAO Raises $230 Million in a Funding Round Led by PayPal Co-Founder, Peter Thiel

  • The quiet market keeps rumbling as investors unload large amounts of cash on yet another blockchain project!

Led by PayPal co-founder Peter Thiel, BitDAO, a new decentralized governance protocol, raised $230 million in a bid to build the largest asset pool led by a decentralized autonomous organization, commonly referred to as DAOs.

The funding round welcomed top investors alongside Thiel, who led the round, and three of his firms – Founders Fund, Pantera Capital, and Dragonfly Capital – also participated in the raise. Other investors in the round included hedge fund manager Alan Howard, Jump Capital, and Spartan Group.

A DAO represents an organization that has no central organization leading it. Instead, the governance of these organizations lies coded on smart contracts stored on a blockchain hence have immutable properties. BitDAO, now ranking as one of the largest DAOs, aims to “promote and propel the mass adoption of open finance and decentralized tokenized economy” with the latest funding, a statement reads.

The core objective of the funding is to grow the decentralized finance (DeFi) space by building research and development (R&D) centers, providing grants to DeFi developers, and topping up liquidity on blockchain projects.

In a press release, BitDAO stated its goal to promote and support the DeFi sector financially and in talent resourcing to boost industry growth. Moreover, the organization will also use the funding to employ hundreds of people innovating in the DeFi sector and solve various developmental challenges in the ecosystem.

The firm welcomed its first partner in the Bybit crypto exchange, one of the largest digital asset exchanges in the world. Bybit aims to make yearly contributions to the DAO of up to 2.5 basis points (bp) of its futures contracts’ trading volume directly to the BitDAO Treasury. As of current figures, the yearly contribution is expected to generate over $1 billion annually, the statement further reads.

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Author: Lujan Odera

Gold Bug’s Bitcoin Hedge: Peter Schiff’s Son Goes All in on BTC, “HODLing to Infinity”

Gold Bug’s Bitcoin Hedge: Peter Schiff’s Son Goes All in on BTC, “HODLing to Infinity”

At this point, however, it’s hard to believe he really hates Bitcoin or isn’t involved in it just as much as he claims to be.

Gold bug Peter Schiff is known for his contempt for Bitcoin. He doesn’t miss a single chance of Bitcoin taking a breather or making a correction to bash the leading cryptocurrency, which has been the best performing asset of the decade and 2021.

While Bitcoin is up 95% YTD, having appreciated more than 15x in value from its March low to become a trillion-dollar asset, gold is down 8.93% in 2021 so far and 0.54% this month.

And while Peter has no love lost for Bitcoin, his son went all-in on Bitcoin during the recent correction.

“My son Spencer Schiff went all-in on Bitcoin on the last drop below $50k. 100% of his portfolio is now in Bitcoin. He sold the last of his silver stocks to raise the cash,” tweeted senior Schiff. “He’s HODLing to infinity or bust.”

But of course, he then has to throw in some shade to stick to the biased approach he has taken to hold close when it comes to cryptocurrencies.

“If my own son is this brainwashed imagine how vulnerable most kids are,” he added.

Peter’s antics goes as far as to him saying, “I need to disinherit him. Otherwise he will squander my hard-earned wealth on more Bitcoin,” and that if his son goes wrong in his choice to go with digital gold, “He needs to suffer the consequences of his mistakes. That’s the only way to learn a lesson.”

While “Peter’s son is Peter’s hedge,” at this point, people really doubt he hates Bitcoin just as much as he claims to be.

“I see what you did there. ‘My son is the front for my huge BTC bag’ …nice one,” commented TraderSZ.

“There’s no way this is real. It’s like how Kris Jenner sold Kim K’s sex tape, and now they all are rich,” came from Mrs. Amerina Hodl.

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Even his website accepts cryptocurrency, Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH), through crypto payment processor BitPay.

Meanwhile, Spencer Shiff’s commitment has got him a new follower, Twitter CEO Jack Dorsey. “I guess that means he doesn’t have to worry about being de-platformed now,” commented Peter.

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Author: AnTy

What’s the Issue with S2F’s $288,000 Bitcoin Price Prediction?

Popular analyst PlanB who is known for his scarcity-based stock-to-flow model recently in an interview on Peter McCormack’s podcast What Bitcoin Did talk about how Bitcoin is “not a toy anymore.” From a toy, the digital asset has evolved into magical internet money and now to dollar parity.

Reflecting on the world’s leading cryptocurrency’s past ten years, the analyst said bitcoin may not even be an asset anymore as “it’s gonna be much bigger than that.”

Further moving onto his model, he points out a very famous quote about models that says, ‘“all models are wrong but some are useful’ and that’s very true.” As for his updated S2FX model,

“it’s more useful (than the original S2F) because it forces you to think in phases, in big steps – in this case, a hundred billion dollar Bitcoin into a multiple trillion-dollar Bitcoin market value. That’s a huge leap and it’s not gonna be a gradual thing that something is going to change in the next couple of years.”

If it doesn’t then all bets are off which means the model will break.

“I would be very happy if it would only forecast the next halving or maybe two halvings correct that would be very useful right now,” said the analyst.

Reciting another famous quote, “I’d rather be roughly right than exactly wrong.” PlanB said “that’s why I always talk about orders of magnitude right with this model It’s not about the exact dollar value of Bitcoin.”

The S2FX model doesn’t provide precise targets rather rough ones. The actual Bitcoin will be above or below, scattered around that target.

Instead of getting married to the model and putting all the belief and money into it, which is “so stupid,” the model should be seen as a way of structuring thinking about something and maybe get some rough direction from it, he added.

Issue with the $288,000 in 2021

As we have reported, this model has a number of critics. Bitfinex bitcoin whale Joe007 is one of those who had said,

“One problem with the S2F model is that it’s divergent, predicting a ridiculous price of $1 trillion BTC by 2050 and infinity after 2140. An alternative FSM model is convergent and more realistic. But if you expect $1M BTC any time soon you may be disappointed.”

The bitcoin whale, however, does believe in Bitcoin which he said is “much more than just a currency.” He said earlier this year,

“It’s a completely new social technology: non-political non-confiscatable self-sovereign extra-hard money. I expect it to precipitate a transition of humanity to a completely new economic and social order that will slowly emerge over time.”

This latest model meanwhile also puts the bitcoin price at $288k, up from $100k projected by the original S2F model. This means the price could be both over and below this fixed price line from 2020-2024.

However, not everyone believes in these numbers.

Crypto enthusiast Tyler Durden said the problem with this new high is the daily volume required to take bitcoin to $288,000. This can’t happen in a single daily candle and as such needs “sustained volume over a fairly medium-term time frame.”

Analyst Bob Loukas counters the view with, “Think of the hysteria in 2017….now multiple many times. Would be a different animal on a massive scale. And a liquidity crisis won’t last years.”

The “real” bitcoin volume has been seeing a solid boost lately, with the daily volume (7-day average) once again above $2 billion.

You can listen to the full podcast here:

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Author: AnTy

Bitcoin Revolution Trader At It Again, Targets Professional Cycling Legend Peter Sagan

Peter Sagan, a renowned cycling legend, has been the latest victim of the Bitcoin Revolution scam which uses the identity of worldwide stars to dupe naive crypto investors. The scammers also use fake news articles as well as adverts.

Sagan used his Twitter account to state that he is not party to an article that was published by the scammers saying that he was an associate of Bitcoin Revolution. The article claims that Sagan had an interview on a certain Slovakian TV program and explained how Bitcoin Revolution platform is capable of making one a millionaire in a short span of 3 to 4 months.

The scammers claim that Sagan explained to the audience how they could become instant millionaires using Bitcoin Revolution. However, several minutes after the completion of the interview, Slovak National Bank officials called the TV station for the interview not to be broadcasted, but it had already been aired. The scammers stated that Sagan asked Slovakia citizens to get involved and seize the rare opportunity before it gets scrapped by the banks.

To give the article credibility, the fraudsters had posted photos of Richard Branson and Bill Gates saying that they had discussed the Bitcoin Revolution during CES 219. In addition, the site also has testimonials of different people praising Bitcoin Revolution for the opportunity given to become millionaires.

This is not the first time that Bitcoin Revolution is giving the crypto industry a negative publicity by painting it as an industry full of cons. Previously, the cons have used such big names like Richard Branson, Jeremy Clarkson as well as Alex Ferguson.

According to U.Today, Such types of scams have been on the rise and cryptocurrency anti-crusaders such as Nouriel Roubini as well as Steve Hanke, both Nobel-winning economists, have cited such scams to drive their points home against cryptocurrencies.

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Author: Joseph Kibe

Peter Schiff to Max Keiser: Bullish for Gold, Bearish for Bitcoin if China Launches Gold-Backed Crypto

A gold bug veteran Peter Schiff claims that if China decides to launch a digital coin it would not be good for bitcoin. Schiff is well known for his notorious negativity regarding anything bitcoin.

Peter Schiff tells Keiser that Gold betas bitcoin

Schiff thought that the reporter Keiser referred to him as an idiot since Schiff thought gold is a better currency than bitcoin.

He also repeated his usual remark on bitcoin showing that bitcoin lacks intrinsic value. His usual remarks that Keiser has claims that China will launch a cryptocurrency backed by gold. In his statement, Schiff thinks that if that happens, it would be bullish for gold and bearish for bitcoin. Schiff also adds that a crypto backed is better than the one backed by nothing.

Keiser, however, has not responded publicly to Schiff’s remarks rarely seen on social media sites lately.

Hints on gold role

Cointelegraph has reported that China is making efforts to create the DCEP currency in the rise of Facebook’s token known as Lira.

This backing is rocky with an ex-congress official saying that DCEP would dip into the country’s gold reserve, along with other factors. However, the endorsement of China’s blockchain technology had a positive effect on blockchain markets. This endorsement did not matter since local media has advised citizens not to count on the support as a proof regarding blockchain.

Beijing, on the other hand, outlawed blockchain activities in 2017 despite the rumors that there are some investors using different platforms to gain access.

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Author: BEG News Desk

Former UBS CEO Sets Sights On $220B Market As Director of Swiss Crypto Bank, Sygnum

Peter Wuffli, known as the former CEO of the largest Swiss bank, UBS, has recently affirmed that his new crypto bank called Sygnum could be used to tap into the crypto market more deeply. According to him, there is a $220 billion market to be explored, as many individuals and institutions who already own cryptos could use a bank.

He has also shown some excitement concerning the fact that crypto assets have plenty of potential to be explored. The market is still very young and Wuffli believes that several solutions can be offered to clients such as custody, trading and loans.

Wuffli has noted that tokenization is another great opportunity. In this digital age, several companies have the opportunity to tokenize their shares or other important assets such as real estate.

The only aspect that gets in the way of this is that there is still no clear regulation for the industry. Wuffli affirmed that the blockchain brings a lot to the table, but that some uncertainty is still there.

According to him, one of the main aspects of blockchain that will help companies beyond tokenization is that they can be used to simplify processes. You can simply abandon spreadsheets and complex systems. Using blockchain solves several uses and decentralizes the system.

However, he has also noted that “corporate currencies” are not completely using the potential of blockchain, which can be used for market democratization. He was very skeptical about Facebook’s new Libra asset, for instance, which is seen as a corporate currency instead of something that will really democratize the economy.

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Author: Gabriel Machado

UBS Former CEO: Big Banks Are Interested In The Blockchain Technology

Peter Wuffli, the former CEO of UBS, an international bank based in Switzerland, has recently affirmed that the crypto market is attracting the attention of large banks because of the advent of regulated actors.

He was known for being the CEO of UBS during the 2008 crisis. At the time, the bank lost a lot of money and the Swiss government had to bail it out in order for the bank to continue existing. At the time, he resigned. Today, Wuffli works as a board member of the local crypto bank Sygnum.

Wuffli affirmed that he does not see a bubble in the market right now, which is a very different way of how things were in 2017. There are more serious planning about how to solve the needs of the clients and a better understanding of the market, its potentials and limitations.

Sygnum is also on its way to becoming a fully regulated bank in the country, so Wuffli was obviously talking about his own company, not Bakkt, which was also launched this week. However, there is a clear trend of very well-organized regulated institutions entering the crypto market, and banks such as UBS and Credit Suisse are looking at them.

According to Wuffli, interest has clearly picked up lately and people from these banks are starting to approach the crypto industry in Switzerland. What they want strategically and how committed they will be to this new market, however, is what we’ll see in the following months.

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Author: Gabriel Machado

Gold Bug Peter Schiff: Bitcoin Price Went Above $10,000 Because of Speculation

Peter Schiff is slowly but surely consolidating his fame as a huge Bitcoin naysayer. Every week he has something new to say about the largest crypto asset in the world while he tries to convince us all that gold is still unmatched.

This week, Schiff affirmed that Bitcoin only hit prices above $10,000 USD because of speculation in the market. At the moment, the crypto is trading over $10,380 USD, a 6% increase when compared to yesterday.

Among his claims is that Bitcoin is not a safe haven asset and that people will always choose gold over it because it is a highly speculative asset and its value can shift quite quickly. The price surges, according to him, are not really correlated with the international turbulence caused by the U. S.-China Trade War.

Schiff is one of the most famous gold bugs of the financial world, so he is a clear antagonist to Bitcoin and never loses a chance to throw some cold water on crypto enthusiasts. His position is understandable. Newer generations are starting to ditch gold and buy Bitcoin instead and this gets in the way of his business.

Anthony Pompliano, a prominent crypto executive, has teased Schiff by affirming that he was “educating gold bugs about Bitcoin” by talking about it so much.

In related news, Schiff has recently affirmed that Bitcoin will never hit $50,000 USD. Time will tell whether he is right or not, but many BTC specialists have already affirmed that new parabolic growth of Bitcoin could take the prices up really quickly.

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Author: Gabriel Machado

Peter Schiff Claims Recent Bitcoin Drop of 7% is Doom and Gloom for Safe Haven Asset Class

The gold bug Peter Schiff has attacked Bitcoin once more on social media. Now, he is claiming that Bitcoin is no safe haven asset because the token lost 7% of its value recently. His main argument is that the dip below $10,000 USD proved that Bitcoin is not the asset that most people believed it to be.

He affirmed that BTC has “failed the test” and that gold still reigns supreme, which is pretty convenient to him as he has a company that is focused on gold investments. Schiff claimed that investors saw the market pluging and jumped to the real safe haven assets: Japanese yen, Swiss franc and gold. All of these assets went up while BTC went down.

Despite him being a clear Bitcoin naysayer, his point is not entirely wrong. Bitcoin is failing to live up as a true safe haven asset just yet. In the last few weeks, it was one of the greatest losers of the market while gold and silver had good gains.

Some people have disagreed, though, affirming that U. S. bonds are an actual safe haven, not gold or Bitcoin, which are actually a store of value. As the government of the U. S. is currently even considering ultra-long bonds of 50 to 100 years, they are a clear choice.

The fall in the price of Bitcoin was most likely caused by market manipulation, it seems. And, given that the asset has high volatility, a loss of 7% is far from an ominous sign, as BTC may well go up 20% by next week.

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Author: Bitcoin Exchange Guide News Team

“Bitcoin Price Will Never See $50,000 BTC/USD”, Peter Schiff Tells Tom Lee

The famous gold bug and Bitcoin skeptic Peter Schiff has attacked the crypto asset once again. According to Schiff, Bitcoin is never going to hit the $50,000 USD price mark. According to him, gold may eventually reach $5,000 USD, but Bitcoin never will hit the $50,000 USD mark.

He affirmed that during a recent debate with Joe Kernen, who interviewed Anthony Pompliano recently. Schiff affirmed that the CNBC host was wrong before the financial 2008 crisis when he was bearish on buying gold and is wrong again on being bullish on BTC.

Kernen obviously answered him back. He affirmed that Schiff was wrong when he affirmed that gold would reach $5,000 USD and that this objective is still far from happening. This prompted Tom Lee, the co-founder of Fundstrat Global, to describe the gold investor as someone

“hysterical”.

Schiff got irritated with them and then declared that the BTC price would eventually fall again. According to him, Bitcoin would never reach the all-time highs described the other men and would lose a lot of its value soon. Gold, however, would continue to become more valuable as time passes.

Some people on social media were mad at Schiff because, despite hating BTC so much, he actually owns it. He received some donations months ago and never really sold the assets. He also accepts BTC as a payment for his gold business, which prompted Crypto Twitter to attack him for that as well.

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Author: Hank Klinger